As the local session got underway the Pound edged lower against the Euro in response to positive news from the Eurozone. The British currency was little changed against the US Dollar ahead of the release of Lloyds Business Barometer for the UK. Sterling fluctuations may be limited ahead of tomorrow’s UK consumer confidence survey.
GBP/EUR is trading in the region of 1.1566 and GBP/USD is trading in the region of 1.5343
The ‘Greenback’ reversed recent declines against the Yen as Asian equities rallied and disappointing Japanese data increased the odds of the Bank of Japan expanding stimulus. With the Federal Reserve’s policy meeting beginning today and US consumer confidence figures due for publication this afternoon, the US Dollar is likely to remain under pressure in the hours ahead.
USD/GBP is trading in the region of 0.6521 and USD/EUR is trading in the region of 0.7535
Although the Euro continued to trade lower against the US Dollar ahead of this week’s influential central bank policy meetings, the common currency was able to post a modest gain against the Pound as German consumer confidence climbed by more than expected. Additional Euro movement could result from today’s German inflation data.
EUR/GBP is trading in the region of 0.8647 and EUR/USD is trading in the region of 1.3271
During the local session the ‘Aussie’ extended losses as Glenn Stevens, Governor of the Reserve Bank of Australia, intimated that there is still scope for interest rate cuts and Australian Dollar declines. The South Pacific asset was also adversely affected by the news that Australian building approvals unexpectedly plummeted in June.
AUD/GBP is trading in the region of 0.5911, AUD/EUR is trading in the region of 0.6839 and AUD/USD is trading in the region of 0.9061
New Zealand Dollar
Less-than-impressive Australian data, coupled with comments issued by the RBA, saw the ‘Aussie’ broadly decline during the local session and the New Zealand Dollar was able to hit a fresh five-year high against its currency rival. However, the ‘Kiwi’ did decline against the Euro and British Pound.
NZD/GBP is trading in the region of 0.5209, NZD/EUR is trading in the region of 0.6058 and NZD/USD is trading in the region of 0.7989
During the North American session the Canadian Dollar climbed to a month-high against its US counterpart as crude oil remained buoyant. While Canadian industrial product price and raw materials price data could inspire ‘Loonie’ movement, news from the US is likely to drive market volatility this afternoon.
CAD/GBP is trading in the region of 0.6339, CAD/EUR is trading in the region of 0.7331 and CAD/USD is trading in the region of 0.9726
These exchange rates were correct as of 9:15 am